This site uses cookies to store information on your computer. Some are essential to make our site work; others help us improve the user experience. By using the site, you consent to the placement of these cookies. Read our privacy policy to learn more.

Latest Stories

Auditing

The Public Company Accounting Oversight Board (PCAOB)
said its 2006 inspections of firms that audit public companies will
focus on whether they expended their efforts and resources efficiently
in achieving the objectives described in PCAOB Auditing Standard no.
2, An Audit of Internal Control Over Financial Reporting Performed
in Conjunction With an Audit of Financial Statements. This year
nine firms—eight U.S. and one Canadian—that each audit more than 100
public companies will undergo inspection, along with selected smaller
domestic and foreign firms that audit at least one public entity (
www.pcaobus.org/news_and_events/news/2006/05-01a.aspx ).

The board also issued two informational statements. One, an overview
of Auditing Standard no. 4, Reporting on Whether a Previously
Reported Material Weakness Continues to Exist, helps auditors
understand and comply with the standard’s required auditing procedures
(
www.pcaobus.org/standards/standards_and_related_rules/ ). The
other is a series of answers to frequently asked questions about the
accounting support fee certain public companies and mutual funds pay
to fund the PCAOB’s activities ( www.pcaobus.org/support_fees/supportfeefaq.pdf
). The fee applies only to equity issuers and investment-company
issuers that during the prior calendar year had average monthly market
capitalizations greater than $25 million and $250 million,
respectively.

There are over 30 million small businesses in the U.S., and many of them are optimistic in their outlook. Are you familiar with the obstacles and opportunities they are facing? Test your small business acumen with this quiz sponsored by Chase Ink®.